Here's my question for Greager...At what point do you give up the view that buying back stock is better for shareholders than paying down debt?
Greager stated they were open to having that conversation during his last conference call I listened to...That was when BTE was trading a good $1.60/share+ higher than present...Yet, when I reached out to investor relations, asking this same question and voicing my view that the Baytex discount was because of it's debt, I was rebuffed and stated that management felt buying back shares was the best approach...
I've since sold all but a small portion of my BTE shares...
Managaments "speculative" view of paying back debt vs retiring equity is proving to be very wrong as those dollars "returned to shareholders" are now worth a fraction of the investment.
I would suggest management revisit it's priorities, and changing the view that paying down debt is far more important than the share buy backs and the divy itself, as the share price and enhanced confidence in the direction of the company will enhance shareholder value...